Altimeter Capital Management LP Acquires 184,430 Shares of Astera Labs, Inc. (NASDAQ:ALAB)

Altimeter Capital Management LP grew its holdings in shares of Astera Labs, Inc. (NASDAQ:ALAB - Free Report) by 46.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 584,430 shares of the company's stock after purchasing an additional 184,430 shares during the quarter. Astera Labs makes up 1.4% of Altimeter Capital Management LP's investment portfolio, making the stock its 17th largest holding. Altimeter Capital Management LP owned 0.37% of Astera Labs worth $77,408,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in ALAB. Tidal Investments LLC raised its holdings in Astera Labs by 81.8% during the 3rd quarter. Tidal Investments LLC now owns 45,298 shares of the company's stock valued at $2,373,000 after acquiring an additional 20,388 shares during the period. JPMorgan Chase & Co. grew its holdings in Astera Labs by 3.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,568,314 shares of the company's stock valued at $82,164,000 after buying an additional 47,569 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Astera Labs by 78.3% in the fourth quarter. GAMMA Investing LLC now owns 510 shares of the company's stock worth $68,000 after buying an additional 224 shares in the last quarter. Everence Capital Management Inc. purchased a new position in Astera Labs during the fourth quarter worth about $513,000. Finally, ORG Wealth Partners LLC purchased a new stake in Astera Labs in the fourth quarter valued at approximately $42,000. 60.47% of the stock is currently owned by institutional investors.

Astera Labs Stock Up 1.4 %

Shares of NASDAQ:ALAB traded up $1.00 on Thursday, hitting $72.09. The company had a trading volume of 3,073,935 shares, compared to its average volume of 3,853,963. The firm's 50-day simple moving average is $64.21 and its two-hundred day simple moving average is $91.37. The firm has a market capitalization of $11.89 billion, a price-to-earnings ratio of -41.67, a P/E/G ratio of 6.18 and a beta of 0.33. Astera Labs, Inc. has a 1 year low of $36.22 and a 1 year high of $147.39.

Astera Labs (NASDAQ:ALAB - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.05. Astera Labs had a negative net margin of 21.05% and a negative return on equity of 10.40%. The firm had revenue of $159.44 million during the quarter, compared to analyst estimates of $151.55 million. During the same period last year, the business earned $0.10 earnings per share. The business's revenue was up 144.1% on a year-over-year basis. Equities research analysts anticipate that Astera Labs, Inc. will post 0.34 EPS for the current year.

Insider Transactions at Astera Labs

In other Astera Labs news, Director Manuel Alba sold 63,000 shares of Astera Labs stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $63.37, for a total value of $3,992,310.00. Following the completion of the sale, the director now owns 444,863 shares of the company's stock, valued at approximately $28,190,968.31. This trade represents a 12.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jitendra Mohan sold 350,680 shares of the firm's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $89.51, for a total transaction of $31,389,366.80. Following the sale, the chief executive officer now directly owns 2,353,655 shares in the company, valued at approximately $210,675,659.05. The trade was a 12.97 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 633,990 shares of company stock worth $54,235,012.

Wall Street Analyst Weigh In

A number of research firms recently commented on ALAB. Craig Hallum increased their target price on Astera Labs from $105.00 to $125.00 and gave the company a "buy" rating in a research note on Tuesday, February 11th. Stifel Nicolaus dropped their target price on Astera Labs from $150.00 to $100.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Morgan Stanley reduced their price target on shares of Astera Labs from $142.00 to $114.00 and set an "equal weight" rating on the stock in a research report on Tuesday, January 28th. Citigroup lowered their price objective on shares of Astera Labs from $120.00 to $100.00 and set a "buy" rating for the company in a report on Monday, April 14th. Finally, Northland Capmk raised shares of Astera Labs from a "hold" rating to a "strong-buy" rating in a report on Tuesday, January 28th. One equities research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $100.85.

About Astera Labs

Astera Labs, Inc designs, manufactures, and sells semiconductor-based connectivity solutions for cloud and AI infrastructure. Its Intelligent Connectivity Platform is comprised of a portfolio of data, network, and memory connectivity products, which are built on a unifying software-defined architecture that enables customers to deploy and operate high performance cloud and AI infrastructure at scale.